Iraqi Oil Minister Thamer Ghadhban said on Monday that disagreements remained over profit-sharing between the government and Exxon Mobil and Petrochina over its South Integrated Project.

Speaking at a news conference in Basra during his first visit to the oil-rich province since taking office, Ghadhban said he believed profits exceeding the agreed upon price should go to Iraq, not to foreign companies.

According to Reuters the South Integrated Project involves development of the Nahr Bin Umar and Ratawi oilfields and related infrastructure.